How is property divided in a divorce in Maryland?
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How is property divided in a divorce in Maryland?
In a Maryland divorce, judges don’t always divide marital property right down the middle using a 50/50 split. Because Maryland is an equitable distribution state, the divorce court will divide property fairly between the spouses, but not always equally.
Is an LLC considered marital property?
Forming an LLC or corporation can help protect your business assets in case of divorce, especially if you incorporate before you get married. But it’s important to ensure that you don’t use marital assets to pay for company expenses. If you do, the court could determine that the company is actually marital property.
Is a house a marital asset?
For example, if you and your spouse bought a house together and continually paid a joint mortgage, the house would be considered to be marital property. Likewise, any debts accrued together are considered joint property debts.
How can I hide money in a divorce?
Defer salary, delay signing new contracts or hold commissions or bonuses so that income won’t be “on the books” during the divorce proceedings. Create phony debt by colluding with friends or family to establish phony loans or expenses.
Are clothes considered marital property?
It does not matter whether you purchased an item for yourself – if it was purchased with marital funds, it will be considered marital property. While you each might agree to keep your own clothing and accessories, dividing other items – especially valuable ones – can be challenging.
What is an asset in divorce?
When a couple is divorcing or separating, they generally have a variety of assets that will need to be divided between them. Assets might include a home or other real property, a business, bank accounts, or retirement accounts. Below is a list of the most common assets divided in a divorce.
Can you divorce without splitting assets?
Both parties are asked to complete an asset and debt sheet. This is important because while separate assets are not part of the marriage, a judge could order separate assets to be used in an equitable distribution. Even assets such as a 401k is considered a marital asset and subject to splitting in a divorce.
